中科创达：公司单季度业绩环比明显改善，滴水OS生态持续完善

Investment Rating - Strong Buy (Maintained) [2] Core Views - The company's single-quarter performance has improved significantly, with the Drip OS ecosystem continuing to mature [2][5] - The industrial robot business is rapidly expanding, with related orders already secured [5][6] - The Drip OS ecosystem is continuously improving, empowering the development of the intelligent automotive business [5] Financial Performance - Revenue for the first three quarters of 2024 was 3.694 billion yuan, a year-on-year decrease of 4.7% [4] - Net profit attributable to the parent company for the first three quarters of 2024 was 152 million yuan, a year-on-year decrease of 74.92% [4] - In the third quarter of 2024, revenue was 1.294 billion yuan, a quarter-on-quarter increase of 5.8%, with a gross profit margin of 35.82%, up by approximately 2 percentage points [5] - Net profit attributable to the parent company in the third quarter of 2024 was 47.5983 million yuan, a quarter-on-quarter increase of 249.72% [5] Business Development - The company is actively advancing in vehicle operating systems, industrial robots, and edge intelligence, while expanding its global business [5] - The Drip OS, an AI-native vehicle operating system, was globally launched in April 2024, integrating cockpit, intelligent driving, and cabin-driving fusion [5] - The company has established strategic partnerships with Dirac, integrating Dirac's patented audio digital technology into the Drip OS ecosystem [5] - The company's robot business is rapidly developing, with the establishment of Xi'an Longxing Zhixun Technology Co Ltd, focusing on the R&D and application of industrial robots [6] Financial Forecasts - Adjusted forecasts for 2024-2026: net profit attributable to the parent company is expected to be 334 million yuan, 457 million yuan, and 591 million yuan, respectively [7] - EPS for 2024-2026 is projected to be 0.73 yuan, 0.99 yuan, and 1.28 yuan, respectively [7] - PE ratios for 2024-2026 are estimated at 80.0x, 58.4x, and 45.2x, respectively [7] Industry and Market Position - The company operates in the computer industry, with a total market capitalization of 26.7 billion yuan [1] - The company's Drip OS is positioned as a core system for vehicle intelligence, with a growing global ecosystem [5] - The company's robot business is seen as a significant industrial track, with rapid development and order acquisition [5][6]